Spotify Technology $SPOT Stock Holdings Boosted by Northeast Investment Management

Northeast Investment Management increased its position in Spotify Technology (NYSE:SPOT) by 10.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,446 shares of the company’s stock after acquiring an additional 2,594 shares during the period. Northeast Investment Management’s holdings in Spotify Technology were worth $12,824,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Norges Bank bought a new position in Spotify Technology in the 4th quarter worth about $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Spotify Technology by 1,382.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,182 shares of the company’s stock valued at $724,251,000 after buying an additional 1,163,045 shares during the last quarter. Capital World Investors boosted its position in shares of Spotify Technology by 40.7% during the third quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock worth $1,906,260,000 after buying an additional 789,755 shares during the period. Capital Research Global Investors acquired a new position in shares of Spotify Technology during the third quarter worth approximately $512,190,000. Finally, Coatue Management LLC grew its holdings in Spotify Technology by 35.9% in the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock worth $1,423,251,000 after buying an additional 647,708 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SPOT has been the topic of several analyst reports. Cantor Fitzgerald raised their target price on Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a research report on Tuesday, May 26th. Wall Street Zen lowered Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, June 13th. Wells Fargo & Company increased their price target on Spotify Technology from $580.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Canaccord Genuity Group lowered their price target on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Finally, UBS Group cut their price objective on shares of Spotify Technology from $760.00 to $735.00 and set a “buy” rating on the stock in a research note on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $641.83.

Spotify Technology Price Performance

NYSE SPOT opened at $441.94 on Friday. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00. The firm has a market capitalization of $90.99 billion, a PE ratio of 35.21, a P/E/G ratio of 1.11 and a beta of 1.56. The company’s 50 day simple moving average is $477.83 and its 200 day simple moving average is $502.93.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. The firm had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.07 earnings per share. Sell-side analysts anticipate that Spotify Technology will post 14.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total value of $18,600,327.40. Following the completion of the sale, the director owned 6,383 shares in the company, valued at $3,355,734.59. This represents a 84.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total value of $2,606,616.36. Following the transaction, the chief executive officer directly owned 69,989 shares of the company’s stock, valued at $33,560,425.39. This represents a 7.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 111,442 shares of company stock worth $54,647,508. 0.40% of the stock is owned by corporate insiders.

About Spotify Technology

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.